Sports Betting Odds Explained

Sports betting odds explained – A beginner guide to help you understand how sports betting odds work.

Placing a bet at an online bookmaker can be daunting, especially if you are new to sports gambling. Every bet offered will show the odds offered. These odds reflect what you will win in return for your stake. So you must understand what your stake will make should your bet win. Visiting a bookmaker and seeing a list of numbers that do not make sense can look daunting. In this article, we aim to give details to explain exactly how sports betting odds work. By the end of this page, you can look at a sporting event to see who the favourite is and work out exactly how much you’ll win should you pick the winner.

Let’s begin by giving you a real-life example before we thoroughly break down the probabilities and likelihoods of an outcome of a sporting event. The example below is taken from a real game.

Liverpool vs. Everton
Liverpool win 17/20
Draw 29/10
Everton win 10/3

From this example, we can see that Liverpool is the favourite to win this game. But you are probably asking yourself how and why.

It’s all to do with probability. When online bookmakers look at an event, they decide on the probability of an outcome. This is to say, who the favourites to be the winner are. They then set the odds using the fraction method to tell you exactly who they think will win and what you will win if you predict the correct outcome. In this case, they feel that the probability is that because Liverpool is at home and playing well, they think that Liverpool has a better chance of winning the game. But in truth, there could be many reasons why they chose these odds. But there are many different outcomes, so the betting odds must reflect the probability of these different outcomes. So now let’s help you get to understand sports betting odds explained.

How to calculate probability using betting odds

When you visit online sports betting sites, you will be presented with odds like our example, ‘fractional odds’. Once we know these odds, we can determine the probability of an event outcome. The easiest thing to do is to provide a breakdown with some examples. Below, we’ve worked out the probability of an outcome so you can see how the bookies rate as a favourite and what they see as the chances of that outcome.

• 1/6 can be worked out as 6 ÷ (1 + 6) = 85% chance of this outcome happening
• 1/1 can be worked out as 1 ÷ (1 + 1) = 50% chance of this outcome happening
• 6/1 can be worked out as 1 ÷ (6 + 1) = 14% chance of this outcome happening

Betting Odds Calculator

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So, if we look at our real-life example, we can now determine the probability of what the bookmakers think the outcome will be.

• Liverpool 17/20 – can be worked out as 20 / (17 + 20) = 54% chance of this outcome happening
• Draw 29/10 – can be worked out as 10 / (29 + 10) = 25% chance of this outcome happening
• Everton 10/3 – can be worked out as 3 / (10 + 3) = 23% chance of this outcome happening

Looking at our real-life example and the probability of the outcome, we can see that the bookmakers make Liverpool the favourites to win this match. The draw follows this: an Everton win is the least likely outcome.

How to use betting odds to calculate how much your stake will win

The game we’ve used as our example will let us help you understand how making a bet will turn your wager into winnings. Remember that when you place a bet, you regain your original stake if you win. So, let’s use our example to show you how to work out your winnings.

• 1/6 for every £6 you bet, you will win £1
• 1/1 for every £1 you bet, you will win £1
• 6/1 for every £1 you bet, you will win £6

Or if we use our real game example

• Liverpool win 17/20 – if you were to bet £1 you would win £1.85 (includes your original stake)
• Draw 29/10 – if you were to bet £1 you would win £3.90 (includes your original stake)
• Everton win 10/3 – if you were to bet £1 you would win £4.33 (includes your original stake)

To make a straightforward way to calculate your profit, you divide the first number by the second number. So if you were to do the following sum of 17÷20 = 0.85, you can see that for every £1 staked, you’ll win 85p. You can use this on any odds to calculate how much you will win.

However, some sports betting sites use decimals.

Some online sports betting sites do not offer traditional fractions to show their odds but instead use decimals. Decimals do make it easier for you to calculate your winnings. Most betting sites will allow you to choose how you want the odds displayed to decide whether you want fractions or decimals. Let’s use a little example to explain how you calculate winnings using the decimal method.

• 6.0 can be calculated as 6.0 X £1 stake = £6 winnings including original stake
• 3.15 can be calculated as 3.15 X £1 stake = £3.15 winnings including original stake
• 1.15 can be calculated as 1.15 X £1 stake = £1.15 winnings including original stake

Betting odds are now clarified.

We hope you’ve found our guide to sports betting odds explained useful and now feel ready for the world of mobile and online betting sites. But remember, have no fear if you do get stuck. When you click on a bet or outcome that takes your fancy, you enter a stake. All online betting sites will show you exactly how much you will win from your stake, so they automatically make it friendly and easy to see precisely what your bet will return.

Odds Examples

Odds	Probability of Outcome
17/20	45.95%
29/10	74.36%
10/3	76.92%
1/6	14.29%
6/1	85.71%
19/20	48.72%
7/4	63.64%
11/2	84.62%
4/1	80.00%
9/1	90.00%
20/1	95.24%
25/1	96.15%
33/1	97.06%
40/1	97.56%
2/1	66.67%
0/1	0.00%
1/1	50.00%
3/1	75.00%
13/2	86.67%
12/5	70.59%
29/20	59.18%
17/2	89.47%
21/10	67.74%
2/8	20.00%
23/10	69.70%
66/1	98.51%
11/5	68.75%
11/8	57.89%
7/10	41.18%
8/15	34.78%
14/5	73.68%
14/1	93.33%
100/1	99.01%
5/6	45.45%
1/10	9.09%
1/2	33.33%
1/5	16.67%
1/100	0.99%
31/20	60.78%
15/2	88.24%
30/100	23.08%
6/4	60.00%
5/4	55.56%
5/2	71.43%
1/3	25.00%
1/29	3.33%
1/20	4.76%
8/11	42.11%
10/11	47.62%
6/10	37.50%
100/30	76.92%
16/1	94.12%
19/1	95.00%
250/1	99.60%
300/1	99.67%
12/1	92.31%
13/4	76.47%
23/20	53.49%
1/66	1.49%
7/5	58.33%
4/7	36.36%
9/2	81.82%
65/1	98.48%
750/1	99.87%
8/1	88.89%
63/1	98.44%
17/28	37.78%
80/1	98.77%
19/10	65.52%
22/1	95.65%
100/1	99.01%
1/100	0.99%
30/100	23.08%
100/30	76.92%
64/1	98.46%
62/1	98.41%
900/1	99.89%
1/0	67.11%
18/1	94.74%
11/1	91.67%
0/1	32.89%
5/1	83.33%
20/29	40.82%
27/10	72.97%
18/5	78.26%
17/5	77.27%
1/0	100.00%
19/4	82.61%
8/13	38.10%
15/8	65.22%
9/4	69.23%
3/4	42.86%
20/21	48.78%
20/27	42.55%
28/10	73.68%
7/2	77.78%
7/3	70.00%
10/1	90.91%
90/1	98.90%
99/1	99.00%
200/1	99.50%
50,000/1	100.00%
50,000/1	100.00%
500,000/1	100.00%
500,000/1	100.00%
500,000/1	100.00%
500,000/1	100.00%
17/10	62.96%
8/5	61.54%
13/8	61.90%
13/20	39.39%
4/6	40.00%
19/5	79.17%
4/5	44.44%
21/20	51.22%
20/17	54.05%
1/9	10.00%
29/2	93.55%
2/29	6.45%
17/3	85.00%
43/6	87.76%
4/8	33.33%
4/0	100.00%
4/10	28.57%
3/7	30.00%
6/9	40.00%
1/14	6.67%
1/21	4.55%
33/20	62.26%
2/5	28.57%
11/4	73.33%
39/10	79.59%
56/40	58.33%
31/40	43.66%
13/10	56.52%
1/500,000	0.00%
1/500,000	0.00%
1/4	20.00%
13/1	92.86%
11/11	50.00%
3/2	67.31%
3/2	60.00%
3/500,000	0.00%
3/500,000	0.00%
16/15	51.61%
16/5	76.19%
3/7	26.83%
11/10	52.33%
13/14	48.18%
19/11	63.07%
9/14	39.34%
10/13	43.61%
12/18	40.20%
17/11	60.50%
17/14	54.74%
19/15	55.77%
13/20	39.60%
10/9	52.58%
13/12	51.96%
11/16	40.92%
12/11	52.20%
12/11	52.13%
16/17	48.51%
19/21	47.55%
12/16	43.00%
10/18	35.99%
13/27	32.84%
16/13	55.07%
22/14	60.89%
14/9	60.66%
13/16	44.93%
13/12	52.00%
20/9	68.59%
10/19	34.79%
10/7	58.65%
16/12	57.00%
10/6	62.25%
223/350	38.93%
401/196	67.15%
479/182	72.44%
214/259	45.25%
219/295	42.61%
280/242	53.64%
241/285	45.82%
411/193	68.02%
366/213	63.20%
221/298	42.59%
231/311	42.63%
347/214	61.84%
209/350	37.40%
177/494	26.41%
168/552	23.36%
253/260	49.32%
230/285	44.67%
11/16	40.74%
22/14	61.11%
186/481	27.91%
183/391	31.91%
246/301	44.98%
277/286	49.20%
161/616	20.75%
176/411	30.01%
258/279	48.05%
169/444	27.60%
219/381	36.51%
451/196	69.69%
14/9	60.87%
13/14	48.15%
12/11	52.17%
13/27	32.50%
214/259	45.24%
10/9	52.63%
17/11	60.71%
10/6	62.50%
401/196	67.17%
19/15	55.88%
20/9	68.97%
223/350	38.92%
10/7	58.82%
11/10	52.38%
19/11	63.33%
19/21	47.50%
17/14	54.84%
12/16	42.86%
16/13	55.17%
16/17	48.48%
9/14	39.13%
16/12	57.14%
10/19	34.48%
10/13	43.48%
366/213	63.21%
13/16	44.83%
10/18	35.71%
258/279	48.04%
12/18	40.00%
186/481	27.89%
479/182	72.47%
5/3	61.18%
1/5	22.03%
14/15	48.26%
5/3	62.65%
4/4	50.00%
11/10	52.36%
15/4	78.95%
2/1	68.97%
19/11	63.20%
176/411	29.98%
253/260	49.32%
4/4	50.00%
451/196	69.71%
168/552	23.33%
161/616	20.72%
347/214	61.85%
277/286	49.20%
411/193	68.05%
169/444	27.57%
183/391	31.88%
280/242	53.64%
177/494	26.38%
231/311	42.62%
241/285	45.82%
209/350	37.39%
219/381	36.50%
5/3	62.50%
221/298	42.58%
14/15	48.28%
230/285	44.66%
246/301	44.97%
219/295	42.61%
4/3	56.94%
3/3	57.63%
9/14	39.24%
2/2	59.46%
6/2	72.37%
10/13	43.55%
2/3	43.75%
4/8	35.90%
13/19	40.49%
5/5	52.58%
1/8	14.77%
4/5	48.89%
3/8	30.63%
17/17	50.00%
19/22	46.30%
3/3	48.08%
3/3	46.88%
4/0	97.78%
4/3	57.33%
17/11	60.80%
17/11	60.76%
9/12	42.96%
2/0	95.83%
11/3	76.64%
15/20	42.93%
5/6	45.10%
7/3	73.68%
5/1	88.24%
2/7	22.34%
21/14	59.93%
88/22	79.94%
1/8	11.11%
4/3	57.14%
21/14	60.00%
2/0	100.00%
2/7	22.22%
3/3	50.00%
19/22	46.34%
17/17	50.00%
3/8	27.27%
11/3	78.57%
9/12	42.86%
2/2	50.00%
5/5	50.00%
2/3	40.00%
15/20	42.86%
13/19	40.63%
88/22	80.00%
6/2	75.00%
2/4	33.80%
2/3	47.28%
2/6	23.33%
2/3	44.77%
3/3	50.27%
2/3	37.41%
2/3	41.42%
2/3	46.54%
2/4	29.15%
3/2	55.95%
3/2	55.83%
2/4	29.98%
3/2	56.97%
2/3	46.28%
2/4	33.33%
2/6	25.00%
219/20	91.63%
12/616	1.91%
58/41	58.59%
99/69	58.93%
9,969/448	95.70%
9,969/448	95.70%
2,232/448	83.28%
2,232/448	83.28%
2,232/448	83.28%
2,232/448	83.28%
9,969/448	95.70%
9,969/448	95.70%
6/2	75.86%
2/5	32.38%
4/4	54.71%
6/5	54.99%
2/2	56.30%
2/6	29.16%
2/4	36.11%
6/5	54.55%
15/2	88.05%
2/2	42.42%
4/5	41.26%
2/1	72.27%
7/4	62.64%
5/6	42.46%
3/3	54.94%
1/6	15.77%
4/2	73.34%
6/5	54.44%
11/6	65.19%
1/4	27.61%
4/5	40.61%
2/6	30.13%
4/2	66.67%
11/6	64.71%
9/74	10.28%
10/63	13.18%
10/6	60.28%
9/7	53.39%
7/80	8.25%
7/8	47.34%
10/10	47.74%
10/1	90.13%
5/1	82.19%
5/3	58.18%
5/35	12.21%
7/0	98.50%
7/1	86.81%
8/40	17.15%
8/4	67.42%
3/3	50.00%
3/0	90.91%
19/2	90.91%
19/19	50.00%
9/90	9.26%
9/9	50.49%
4/31	10.76%
4/3	54.65%
7/25	21.34%
7/2	73.06%
10/76	11.37%
10/8	56.19%
9/84	9.27%
9/8	50.53%
4/32	10.00%
4/3	52.63%
10/70	12.27%
10/7	58.30%
5/9	36.74%
5/1	85.31%
9/75	10.84%
9/7	54.88%
6/30	16.38%
6/3	66.21%
5/50	9.39%
5/5	50.88%
5/60	6.94%
5/6	42.74%
9/76	10.15%
9/8	53.05%
10/11	47.87%
10/1	90.18%
10/10	50.00%
10/1	90.91%
14/18	43.02%
14/2	88.31%
3/13	17.65%
3/1	68.18%
11/13	46.28%
11/1	89.60%
6/23	19.57%
6/2	70.88%
7/62	10.62%
7/6	54.29%
10/10	50.00%
10/1	90.91%
4/22	13.51%
4/2	60.98%
6/13	30.43%
6/1	81.40%
7/53	11.17%
7/5	55.70%
15/15	49.09%
15/2	90.60%
10/8	55.56%
9/84	9.68%
10/63	13.70%
7/53	11.67%
8/40	16.67%
7/6	53.85%
6/23	20.69%
7/8	46.67%
19/2	90.48%
4/22	15.38%
7/1	87.50%
5/35	12.50%
3/13	18.75%
9/9	50.00%
10/70	12.50%
7/62	10.14%
14/18	43.75%
10/10	50.00%
15/15	50.00%
8/4	66.67%
11/13	45.83%
3/0	100.00%
6/13	31.58%
9/7	56.25%
5/42	11.16%
5/4	55.67%
11/78	12.75%
11/8	59.38%
7/0	100.00%
9/90	9.09%
12/12	48.12%
12/1	90.27%
14/16	45.45%
14/2	89.29%
5/60	7.69%
8/10	42.30%
8/10	43.26%
8/1	88.41%
4/32	11.11%
6/3	66.67%
5/50	9.09%
9/8	52.94%
14/2	87.50%
9/76	10.59%
7/80	8.05%
6/30	16.67%
7/25	21.88%
5/9	35.71%
12/12	50.00%
9/74	10.84%
4/31	11.43%
9/75	10.71%
10/76	11.63%
11/78	12.36%
5/42	10.64%
8/10	44.44%
14/16	46.67%
11/76	12.11%
11/8	57.95%
8/48	14.89%
8/5	63.64%
12/15	45.05%
12/2	89.13%
10/90	10.23%
10/9	53.26%
9/58	13.22%
9/6	60.38%
13/16	45.39%
13/2	89.26%
14/16	47.06%
14/2	89.89%
9/92	8.52%
9/9	48.23%
7/70	9.41%
7/7	50.94%
8/84	9.09%
8/8	50.00%
12/14	45.33%
12/1	89.24%
8/82	9.09%
8/8	50.00%
13/19	40.76%
13/2	87.31%
12/15	45.24%
12/2	89.20%
7/25	21.52%
7/2	73.28%
10/75	11.61%
10/7	56.78%
11/85	11.24%
11/8	55.87%
6/10	36.81%
6/1	85.35%
12/15	43.67%
12/2	88.58%
18/19	47.91%
18/2	90.19%
17/20	46.30%
17/2	89.61%
8/36	18.36%
8/4	69.22%
8/10	45.16%
8/1	89.17%
6/1	83.12%
2/7	22.58%
6/4	57.58%
4/1	75.93%
5/3	60.47%
5/1	80.00%
1/4	25.45%
15/0	97.40%
3/7	28.26%
5/1	80.30%
7/3	71.74%
7/2	77.42%
2/5	30.14%
1/6	17.91%
5/2	69.86%
6/1	82.09%
2/5	33.80%
4/3	55.84%
3/3	50.79%
5/4	55.67%
5/3	58.97%
6/5	52.34%
3/5	36.62%
2/2	41.67%
3/4	44.12%
7/2	76.29%
7/7	50.00%
9/92	8.91%
12/14	46.15%
9/6	60.00%
15/0	100.00%
11/76	12.64%
18/2	90.00%
8/48	14.29%
7/70	9.09%
12/15	44.44%
10/90	10.00%
8/36	18.18%
11/85	11.46%
10/75	11.76%
9/58	13.43%
8/8	50.00%
3/5	37.50%
8/82	8.89%
12/2	85.71%
8/84	8.70%
18/19	48.65%
0/5	2.17%
8/3	70.69%
6/4	60.00%
7/1	85.54%
8/3	72.73%
0/5	0.00%
50/1	98.04%
4/3	57.92%
2/4	33.54%
1/4	22.05%
1/4	23.08%
7/1	85.14%
6/2	74.79%
4/5	45.13%
7/4	61.49%
7/0	96.71%
7/3	69.79%
4/4	55.50%
5/0	97.59%
5/0	100.00%
4/3	62.88%
3/3	51.04%
1/5	17.73%
6/0	96.15%
6/1	84.77%
1/1	30.50%
6/0	100.00%
2/1	61.71%
3/2	58.49%
3/1	69.72%
2/3	40.01%
1/3	25.23%
2/3	41.74%
1/2	34.06%
13/5	72.22%
1,520/248	85.99%
1,520/248	85.99%
636/248	71.98%
217/37	85.31%
949/25	97.40%
217/37	85.43%
949/25	97.43%
636/248	71.95%
27/20	57.45%
3/500,000	0.00%
3/500,000	0.00%
85/311	21.46%
311/85	78.54%
311/50	86.15%
17/4	80.95%
4/11	26.67%
1/7	12.50%
27/150	15.25%
32/80	28.57%
16/80	16.81%
16/80	16.67%
24/63	27.75%
50/248	16.72%
38/147	20.74%
62/399	13.47%
52/268	16.21%
45/200	18.24%
44/187	18.90%
24/61	28.40%
45/200	18.37%
24/63	27.59%
62/399	13.45%
24/61	28.24%
38/147	20.54%
50/248	16.78%
44/187	19.05%
52/268	16.25%
4/9	30.77%
16/20	44.44%
10/17	37.04%